Can I retire at age 61 with 588,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $588,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$48,556$48,124$47,702$47,290$46,888$46,515
2 years$24,038$23,590$23,156$22,736$22,328$21,951
3 years$15,866$15,416$14,984$14,567$14,166$13,798
4 years$11,781$11,333$10,904$10,495$10,103$9,747
5 years$9,331$8,885$8,462$8,061$7,680$7,336
6 years$7,697$7,255$6,839$6,446$6,077$5,746
7 years$6,531$6,093$5,683$5,300$4,942$4,625
8 years$5,657$5,223$4,820$4,446$4,100$3,796
9 years$4,978$4,547$4,151$3,787$3,453$3,161
10 years$4,434$4,008$3,619$3,264$2,942$2,663
11 years$3,990$3,568$3,186$2,841$2,530$2,264
12 years$3,620$3,203$2,828$2,492$2,193$1,939
13 years$3,308$2,894$2,526$2,200$1,912$1,671
14 years$3,040$2,631$2,270$1,953$1,676$1,447
15 years$2,808$2,403$2,049$1,742$1,476$1,258
16 years$2,605$2,205$1,858$1,559$1,304$1,098
17 years$2,426$2,031$1,691$1,401$1,156$961
18 years$2,268$1,877$1,543$1,263$1,028$843
19 years$2,126$1,739$1,413$1,141$917$741
20 years$1,998$1,616$1,297$1,033$819$653
21 years$1,883$1,505$1,193$938$733$576
22 years$1,779$1,405$1,099$853$657$509
23 years$1,683$1,314$1,015$777$589$451
24 years$1,596$1,231$939$708$530$399
25 years$1,516$1,156$869$647$477$354
26 years$1,442$1,086$806$591$429$314
27 years$1,374$1,022$749$541$387$279
28 years$1,311$963$696$496$349$248
29 years$1,252$909$648$455$315$221
30 years$1,197$858$603$417$285$197
31 years$1,146$811$563$383$258$175
32 years$1,098$768$525$352$233$156
33 years$1,053$727$490$324$211$139
34 years$1,011$689$458$298$191$124
35 years$971$653$428$274$173$110
36 years$934$620$400$253$157$98
37 years$899$589$375$233$142$88
38 years$865$560$351$215$129$78
39 years$834$532$329$198$117$70
40 years$804$506$308$183$106$62
41 years$776$482$289$168$96$56
42 years$749$459$271$155$87$50
43 years$723$437$254$143$79$44
44 years$699$417$239$132$72$40
45 years$675$398$224$122$65$35
46 years$653$379$211$113$59$32
47 years$632$362$198$104$54$28
48 years$612$346$186$96$49$25
49 years$593$330$175$89$44$23
50 years$574$315$164$82$40$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $588,000, adding $4,913 every year, while hoping to spend $27,362 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 56/20/24 Blend
60$588,000$588,000$588,000$588,000
61$653,044$621,880$612,766$685,087
62$690,541$623,239$604,180$708,946
63$730,946$623,748$594,390$731,628
64$774,527$623,335$583,327$755,762
65$821,577$621,927$570,916$781,497
66$872,420$619,443$557,084$808,997
67$927,410$615,800$541,750$838,442
68$986,939$610,907$524,831$870,036
69$1,051,435$604,669$506,241$904,000
70$1,121,370$596,987$485,889$940,584
71$1,197,263$587,752$463,680$980,061
72$1,279,685$576,853$439,514$1,022,736
73$1,369,263$564,170$413,288$1,068,944
74$1,466,689$549,575$384,894$1,119,059
75$1,572,721$532,934$354,218$1,173,493
76$1,688,196$514,105$321,142$1,232,704
77$1,814,034$492,939$285,542$1,297,196
78$1,951,248$469,274$247,290$1,367,530
79$2,100,950$442,944$206,249$1,444,324
80$2,264,369$413,770$162,281$1,528,262
81$2,442,854$381,564$115,236$1,620,103
82$2,637,891$346,126$64,962$1,720,683
83$2,851,116$307,247$11,299$1,830,930
84$3,084,332$264,704$0$1,951,865
85$3,339,521$218,262$0$2,096,393
86$3,618,868$167,673$0$2,257,846
87$3,924,778$112,674$0$2,434,757
88$4,259,899$52,989$0$2,628,700
89$4,627,149$0$0$2,841,416
90$5,029,740$0$0$3,077,390
91$5,471,210$0$0$3,348,993
92$5,955,455$0$0$3,646,967
93$6,486,768$0$0$3,973,960
94$7,069,876$0$0$4,332,890
95$7,709,988$0$0$4,726,968
96$8,412,838$0$0$5,159,734
97$9,184,747$0$0$5,635,087
98$10,032,676$0$0$6,157,321
99$10,964,292$0$0$6,731,167
100$11,988,044$0$0$7,361,839